ANZ raises rates on deposits

ANZ has gone against the trend and raised interest rates on its 12 month term deposits by 0.3 per cent from 7.0 per cent to 7.3 per cent. On average interest rates offered on term deposits have fallen 0.2 to 0.3 per cent over the last three weeks. One of the largest credit unions, mecu, yesterday announced it was cutting rates on its 12 month term deposit by 0.25 per cent. Commonwealth Bank has reduced rates on its term deposits from 8.25 per cent to 7.5 per cent in the last six to eight weeks. Commonwealth holds almost 20 per cent of total bank deposits in Australia. NAB is second with 15.4 per cent market share. Westpac has 14.5 per cent and ANZ 13.4 per cent of deposits. St George Bank has 6.9 per cent and Suncorp 3.4 per cent.

Source: The Australian Financial Review